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Thread: Goodbye Dubai
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Old 27th Nov 2009, 14:40
  #63 (permalink)  
rascott3888
 
Join Date: Apr 2008
Location: Dubai
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Where did the money go ?

There are so many questions....and no one with answers.

The authorities are on vacation; the local media is cowering in silence.

One part (or many) that I do not understand is why the need to announce a planned deferral now?

In February Dubai raised $10bn in bonds from the UAE central bank as the first half of its $20bn sovereign bond programme in an effective bail-out from the oil-rich capital. The on Wednesday, Dubai raised $5bn of the second $10bn tranche from National Bank of Abu Dhabi and Al Hilal Bank, two institutions with strong Abu Dhabi government holdings.

Separately Dubai's department of finance managed to raise almost $2bn in Islamic bonds last month in a move that had also shored up confidence.

So with US$ 17bn raised - why is there an issue about repaying Nakeel's US$3.5 bn sukuk in December.

Where did the money go ?
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